First Horizon (NYSE:) Corp’s Q3 2023 report has indicated a decrease in net income to $129 million, a significant drop from $317 million in Q2. Total revenue fell to $778 million, influenced by reductions in non-interest income which stood at $173 million in the quarter under focus, and net interest income which reached $605 million. The company’s market cap is currently at $6.18 billion according to InvestingPro Data.
Period-end deposits and loans rose by $1.6 billion and $0.5 billion respectively, both up 6% on a year-to-date (YTD) basis. The company’s return on common equity (ROCE) was 6.3%, return on tangible common equity (ROTCE) at 8%, adjusted ROTCE 9.2%, while the common equity tier 1 ratio reached 11.1%.
The company’s financials were impacted by notable items including a net after-tax charge of $20 million. Additionally, an increase in provision expenses to $110 million due to a credit loss on a single relationship led to an uptick in the allowance for credit losses to loans ratio to 1.36%. Despite these challenges, CEO Bryan Jordan expressed confidence in the company’s resilience and future growth, anticipating long-term shareholder returns.
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